Product

Learn

Company

AKTIO coin

Stock market news live updates: Stocks fall to start busy week but end October with gains

MARKET_WATCH Finance

U.S. stocks lagged Monday in a downbeat start to a busy week marked by Fed policy, earnings, and jobs data.

The S&P 500 (^GSPC) declined 0.6%, while the Dow Jones Industrial Average (^DJI) erased roughly 100 points, or 0.3%. The technology-heavy Nasdaq Composite (^IXIC) was off by 0.8%.

 

Equity markets are still poised to round out the month higher after a brutal September slump. The Dow Jones Industrial Average was up 14.4% month-to-date as of Friday’s close – making October its 10th best month on record since 1915, according to data from Bespoke Investment Group. If the Dow closes just 2 basis points higher on Monday, this October will beat January 1976 as the best month since the 1930s.

The Federal Reserve’s next policy announcement Wednesday and October’s monthly employment report set for release Friday will determine whether the tailwind will continue pushing stocks forward through the rest of 2022.

U.S. central bank officials are poised to raise the Fed’s benchmark policy rate by another 0.75%, but some strategists believe it could be the last outsized hike before officials scale back on tightening plans.

Pantheon Economics Chief Economist Ian Shepherdson said with still-high core CPI and payroll gains averaging 372,000 across the third quarter, investor expectations that policymakers will keep raising rates into next year are justified.

“But we see enough straws in the wind now to think that the economy is at a real inflexion point, while investors are putting too much emphasis on data, which right now appear to suggest that growth is holding up well,” he said.

 

WASHINGTON, DC - OCTOBER 14: Chair of the U.S. Federal Reserve Jerome Powell attends a meeting of the IMFC (International Monetary and Financial Committee) at the IMF and World Bank Annual Meetings at IMF headquarters, October 14, 2022 in Washington, DC. (Photo by Drew Angerer/Getty Images)

 

“We doubt Chair Powell’s tone will change significantly this week, but he won’t be able to hold back the tide if the numbers turn,” Shepherdson added.

Elsewhere on Monday, President Joe Biden is scheduled to deliver a speech at 4:30 p.m. ET addressing "reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people," the White House said in a statement.

 

The Labor Department’s jobs report is expected to show monthly payrolls fell below 200,000, a big drop-off from an average of 400,000 across much of the pandemic recovery but still near the pre-pandemic monthly average. Economists expect 190,000 jobs were added or created last month, according to consensus estimates from Bloomberg.


 

 

Source : news.google.com/__i/rss/rd/articles/CBMiXGh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy1saXZlLXVwZGF0ZXMtb2N0b2Jlci0zMS0yMDIyLTExMjIyNzA3NC5odG1s0gEA?oc=5 undefined - October 31, 2022

Join our 60k+
tribe of Akters

Have any questions?

Check our Q&A

About the AKTIO coin

Benefit fully from our ecosystem

What’s new in the App?

We’re adding new features

Customer support

support@akt.io

+353 1 574 7382

Opening hours:

Monday to Friday: 9am - 5pm CET

Company

About

AKTIO coin

Careers

Learn

News

Glossary

AKT Academy

Help

FAQ

Sitemap

System Status

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.